Binance seeks to launch stablecoins in Japan with MUFG unit
BINANCE is seeking to launch stablecoins denominated in the US dollar, euro and yen in Japan next year, as the embattled global crypto exchange pushes into the nation’s nascent market.
Binance Japan wants to introduce the three tokens and potentially more in 2024 to its partnership with Mitsubishi UFJ Financial Group’s (MUFG) trust banking arm, Takeshi Chino, the unit’s general manager, said. The two firms have started jointly studying the issuance, according to a statement.
Japan legalised stablecoin issuance by licensed firms in June, prompting Orix and other companies to weigh launching the tokens that purportedly offer financial advantages such as speedier money transfers and settlements. MUFG has been discussing with multiple parties about using its blockchain platform, Progmat, to mint stablecoins tied to foreign currencies.
Japan’s stablecoin market has the potential to grow to as large as five trillion yen (S$45.92 billion), roughly a quarter of the estimated current global market, Tatsuya Saito, MUFG’s vice-president of product, said.
The issuance plan requires Binance to gain a licence in Japan as an electronic settlement methods transaction business provider, according to the release. With the issuance, users can use stablecoins to trade crypto-currencies and potentially undertake payment services, Chino said. BLOOMBERG
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Google, US clash over search advertising as trial winds down
Apple rallies most in 18 months on upbeat forecast, buyback
US: Wall St opens sharply higher on soft jobs data
HSBC has no plans to dispose of further businesses, chairman says
Glencore Group nears deal for Shell’s Singapore oil refinery
Chinese share of French EV market slumps after incentives curbed